Insurer Swiss Re nominates new chairman after Sergio Ermotti resigns to lead UBS
leadership role at UBS. The reshuffling of positions is a result of the ongoing aftermath of the Swiss authorities' intervention to rescue Credit Suisse through a shotgun merger with UBS, leading to new management taking charge. Jacques de Vaucleroy, a Belgian executive who previously held management positions at French insurer AXA and Dutch bank ING, has been serving as the acting chairman since Ermotti stepped down in April.
Also read: RBI allows UBS-acquired Credit Suisse to retain Indian banking license: Report Swiss Re stated that the board of directors conducted an extensive search for a replacement, considering external candidates as well. However, after careful evaluation, they determined that de Vaucleroy was the ideal candidate for the position, reported Reuters. Also read: Credit Suisse investor group seeks better UBS takeover price: Report Upon the board's nomination, de Vaucleroy will present himself for election as the chairman at the company's annual general meeting in April.
UBS expressed little interest in Credit Suisse's investment bank since the government-brokered takeover was announced in March. The bank emphasised its commitment to its own strategy of a smaller capital-lite securities unit. UBS Group AG appointed Patrick Grob as the head of global wealth management unified global markets.A spokesperson for UBS confirmed the details of the memo.
In contrast, employees in Credit Suisse's wealth unit have reportedly been advised to update their resumes for potential management roles once the third round of appointments is completed, as reported by Bloomberg. The bank announced several appointments in memos to its employees, including a few Credit Suisse bankers. Olivier Charhon, previously with Credit
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